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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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Lesson 13: Aggregate Demand | Unit 4: Determinants Page: 19 of 22

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  • The nature of economic instability coming from the four basic sectors.
  • The nature of aggregate demand determinants as ceteris paribus factors that are initially assumed constant and aren't measured explicitly on our AD graph.
  • How an increase (or decrease) in aggregate demand is represented as a shift to the right (or left) and how this increase (or decrease) represents an increase (or decrease) in aggregate expenditures over a range of price levels.

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SLOPE, CONSUMPTION LINE

The positive slope of the consumption line is also termed the marginal propensity to consume (MPC). This slope is greater than zero but less than one, reflecting induced consumption and the Keynesian psychological law of consumer behavior that consumption increases by less than the increase in income. The slope of the consumption line provides the foundation for the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.

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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for infected paper cuts.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"You can't build a reputation on what you are going to do."

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